There's a lot of talk about intent data and the value it brings to your business. If you're not sure what I mean by 'intent data,' it's essentially a way of identifying whether someone is researching a product or service they are likely to purchase in the near future. Despite its increased popularity, there is still a significant gap in understanding how intent data works.
What is B2B Intent Data?
B2B intent data is an aggregate set of online behavior data points representing a strong indicator of business purchase intent for a product or service. This insight often indicates potential intent to take a specific action. For organizations looking to transform their B2B sales and marketing, intent data provides an awareness of which companies might be inching closer to a buying decision or the nuances of the most common path towards a sale or conversion.
Why should you care about Intent Data?
Knowing which prospects are in the market for your offering is a great way to identify and close more sales. B2B intent data is a critical factor to convert buyers more effectively. The intent is crucial in the buying process and can help you determine how to best target companies for maximum effectiveness and conversion rates.
How is Intent Data used?
Intent Data is platform agnostic and can be used to elevate almost any B2B sales and marketing campaign. Many organizations use an integration partner to receive intent insights directly in the platform where your marketing and sales workflows exist. Another opportunity is to continuously purchase a fixed number of leads on a recurring schedule to update your leads nurturing database with new buying intent constantly.
What is a real-life example of how I can start using Intent Data today?
Intent Data is a highly effective strategy to improve the performance of cold outreach emails. To get the most out of your cold outreach, think of Intent Data as a compass that points you to the companies demonstrating buying behavior. Aligning the data with what keywords people are searching for can help you identify and focus directly on the prospects interested in your brand.
With that information, companies can develop a strategic nurturing program that knows how to talk to these individuals — what they like, what they care about, and where they are in the buying cycle. This enables your marketing automation to tailor your messaging so it's relevant to the target audience and their needs.
What are some advantages of Intent Data to drive long-term B2B revenue?
Reduce customer acquisition costs by eliminating the wasted marketing dollars on companies, not in the market for your products and services.
Increase the customer's lifetime value by discovering cross-sale opportunities through identifying additional products and services your customers are actively researching.
Improve forecasting by gaining a realistic understanding of the total addressable market opportunity and applying key conversion stats.
The traditional approach to B2B sales and marketing is to go out and find a target audience and then deliver that audience a pitch. The problem with the conventional approach is that it's not data-driven — which makes achieving long-term growth more challenging. B2B sales and marketing is evolving to be a data-driven approach. The more data you have, the better decisions you can make.
The Key Takeaway
The evolution of the B2B buyer journey is finally at a tipping point. It's time to evolve the traditional approach to B2B sales and marketing, understand your buyers, and then take action to maximize the effectiveness of every effort. The true power of all this information comes from understanding the data and who is really in the market for your product or service when demonstrating buying intent.